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Posted in 2009 market, market, mortgage rates, Vancouver Real Estate blog

Welcome to a new year of possibilities! Interest rates on mortgages have been edging down and should continue this trend for many months as the economy works the bugs out. The Bank of Canada meets on January 20th and should lower rates by .25%-.50%.

 
The Canadian Government is hammering on the banks to quit hoarding money by increasing their spreads they charge and so we should see more long term rate decreases as well.
 
Bank Prime Rate 3.50%
Term
Best
Bank Posted
1 year
4.00%
5.60%
3 year
4.69%
6.25%
5 year
4.75%
6.75%
10 year
6.10%
7.55%
25 year
6.75%
n/a
 
 
 
 
 
 
 
 
 
 
 
Bold numbers denote change from last posted rates.     
 

Courtesy of

Laura Stein - The Mortgage Centre
Telephone: 604-657-6535 ext 222
www.mortgagecents.ca

              
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Posted on by
Posted in 2009 market, Housing, housing forecast, real estate, real estate market, real estate market report, reports, Vancouver Real Estate blog, Vancouver real estate market
Royal LePage Foresees
National Home Prices Declining Three Percent This Year
 

January 6, 2009 - THE CANADIAN PRESS

 
TORONTO - The average price of a house in Canada is likely to decline by three per cent this year, according to Royal LePage Real Estate Services (TSX:BRE.UN). The number of residential resale transactions is forecast to decline 3.5 per cent nationally, though the country's largest realty operator expects that there will still be local warm spots.
 
The forecast issued today follows a "significant reset" in 2008 - which Royal LePage predicted a year ago would see a 3.5 per cent average increase across the country.

 

In the event, preliminary numbers show a 1.1 per cent decline for 2008. Royal LePage says this came as "emotional reaction to recent economic and political instability did much to dampen consumer confidence during the latter part of 2008, causing a marked slowdown in house sales activity."

However, it predicts that "a more rational understanding of the issues" along with government corrective measures will cause activity to pick up in the latter half of 2009.

 
Overall, Royal LePage sees "only modest price and unit sales corrections." Nationally, the average house price is forecast to dip to $295,000, off from $304,000 in 2008, which in turn was down from $307,265 in the peak year of 2007.
 
"While Canada's housing market is anticipated to continue to move through a period of adjustment over the next six months, we should expect modestly lower home prices, not a U.S.-style collapse, which was brought on by a structural failure of the entire American credit system," stated Royal LePage CEO Phil Soper. "Most consumers are not aware that nationally, Canadian housing market activity peaked in 2007 and has been adjusting lower since. We are well into this inevitable cyclical correction."
 
In spite of the cooling trend on a national level, price and activity gains are still anticipated in some provinces, the Royal LePage report added. In mid-sized cities where prices remain below the national average, such as Regina and Winnipeg, prices are expected to increase moderately. Meanwhile, the steepest decline is forecast for Canada's most expensive city, Vancouver - "a natural cyclical reaction to an extended period of high price appreciation."
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Posted in 2008 vancouver, housing forecast, market, real estate market, real estate market report, statistics, Vancouver Real Estate blog, Vancouver real estate market
Improved Housing Affordability
to Greater Vancouver in 2008

 
VANCOUVER, B.C. – January 5, 2009 –
The record-breaking real estate market cycle in Greater Vancouver, longer than normal at seven consecutive years, ended in 2008 amidst global economic challenges. The change brought relief from rising prices that saw benchmark prices escalate from $357,770 for a single family detached home in December 2001 to $648,421 by December 2008.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties decreased 35.3 per cent in 2008 to 24,626 sales compared to 38,050 sales in 2007. Property listings for the year increased 13.9 per cent to 62,561 compared to 2007 when 54,945 new properties were listed.

“Trends in the latter half of 2008 showed a consistent month-over-month decrease in residential housing prices, a departure from the rising home prices and record-breaking sales that were experienced in Greater Vancouver for much of this decade,” said REBGV president, Dave Watt. “It’s also important to note that our December statistics show a third consecutive month of a decrease in active

property listings in Greater Vancouver. That means supply is coming down,” Watt said. “Last month was also the first time in 27 years that Greater Vancouver homes sales for December were higher than November.”

 

Residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 10.9 per cent between Decembers 2007 and 2008. Since May 2008, the overall residential benchmark price has declined 14.8 per cent in Greater Vancouver to $484,211 from $568,411.

 
“For buyers, lower prices haven’t been a concern as much as the perception that prices are falling. It’s difficult to identify the ‘bottom’ of the market. The reality is that people tend to buy when prices are going up, not when they’re going down,” Watt said.
 
In December 2008, sales of detached, attached and apartment properties totalled 924, a decrease of 51.3 per cent compared to the 1,897 sales in December 2007. New listings for detached, attached and apartment properties declined 8.6 per cent to 1,550 in December 2008 compared to December 2007 when 1,695 new units were listed. Total listings in December declined 17.2 per cent to 15,193 from the 18,348 total active listings in Greater Vancouver in November 2008. Sales of detached properties in December 2008 declined 48.7 per cent to 348 from the 679 units sold during the same period in 2007.
 
The benchmark price for detached properties declined 11.2 per cent from $730,399 in December 2007 to $648,421 in December 2008. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 15.9 per cent. Sales of apartment properties declined 53.7 per cent last month to 417 compared to 901 sales in December 2007.
 
The benchmark price of an apartment property declined 11.7 per cent from $377,579 in December 2007 to $333,275 in December 2008. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 14.5 per cent. Attached property sales in December 2008 decreased 49.8 per cent to 159, compared with the 317 sales in December 2007. The benchmark price of an attached unit declined 7.4 per cent from $456,941 in December 2007 to $423,338 in December 2008.
 
Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 11.6 per cent.
 
The Real Estate Board of Greater Vancouver is an association representing more than 9,500 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.
 
To read the REBGV latest news release in its entirety, including the latest statistics, click here!
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Posted in 2009 market, housing forecast, market, real estate market, sales, statistics, Vancouver Real Estate blog
According to the most recent Real Estate Board of Greater Vancouver’s statistics, house prices have only dropped 12% from December last year. The average December 2008 sale price for a resale house in the east side is listed at $589,264.00, down from $672,056.00 last year. On the west side, the average price has risen slightly by 3%, up to $1,591,048.00 from $1,540,955.00 last year.

Considering the beating the market has taken in the last few months, it seems to me this is almost encouraging news! This long overdue market adjustment is reducing prices to a more affordable level. Lower pricing, combined with the lowest mortgage rates Canada has seen in awhile, is enticing qualified buyers to jump into the market again snapping up some very good deals.

Talk around the office water cooler is that realtors are noticing an increase in sales in December, up from the past few months, that makes the approaching spring market look promising. If it keeps up, the surplus of properties for sale will begin to be absorbed resulting in the market balancing out a little more and price drops levelling off. Sellers won’t feel so battered and buyers won’t feel so poor - in other words, a fair market!

If I had a crystal ball, I’d be the happiest realtor in Vancouver! But for now, all I can do is look at the statistics and keep my fingers crossed, just like you.
Wishing you a successful 2009!
To see the latest December 2008 stats, click on the link below.
_media/Documents/REBGV Dec Stats 2008.png
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Posted in First-time buyers, mortgage rates, real estate market
More Tweaks to Rates
Small downward changes in rates this week. The yields on bond market, where lenders go to get their funds for mortgages, are dropping. Long term rates are under pressure to drop accordingly. This trend will continue along with the decreases ahead by the Bank of Canada. The interest rate news is all great this week. Keep floating! 
 
Bank Prime Rate 3.50%
Term
Best
Bank Posted
1 year
4.35%
5.60%
3 year
5.10%
6.25%
5 year
4.80%
6.75%
10 year
6.10%
7.55%
25 year
6.75%
n/a
 
 
 
 
 
 
 
 
 
 
 
Bold numbers denote change from last posted rates.                   
 
There is a great deal of political pressure on the Banks to pass along all of Bank of Canada interest rate cuts. Watch in the days ahead, with change to the US Leader and our own  Leader facing economic and political challenges, that rates will have more downward pressure.
 

Courtesy of

Laura Stein - The Mortgage Centre
Telephone: 604-657-6535 ext 222
www.mortgagecents.ca

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Posted on by
Posted in mortgage rates, real estate market, statistics
Bank Rates Cut .50%!

Today, December 9th, the Bank of Canada announced a .75%  cut to their rate! The Banks have cut their prime by only .50% though. Lenders can sometimes take a couple of days to settle out their rates after a change as this one, so we may yet see some movement. The people who could apply political pressure seem busy, or rather not busy these days. It is widely expected that the B of C will cut rates again in January. Keep floating. In the meantime the 5 year term rate is now flirting with the 5% mark. Most lenders are 5.1% to 5.25% but the best is at 4.99%. Watch for this trend to continue!

 
Term
Best
Bank Posted
1 year
4.35%
5.60%
3 year
5.15%
6.45%
5 year
4.99%
6.95%
10 year
6.15%
7.75%
25 year
6.75%
n/a
 
 
 
 
 
 
 
 
 
 
                    Bank Prime Rate 3.50%
 

Courtesy of

Laura Stein - The Mortgage Centre
Telephone: 604-657-6535 ext 222
www.mortgagecents.ca

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Posted on by
Posted in 2008 vancouver, mortgage rates, real estate, real estate market
Rates are down!
The bond market is moving and creating room for lenders to bring down the longer term rates. This trend should continue for the next while and the Bank of Canada will step up and lower their rate on December 9th. Most think that a .5% drop is in the works. Keep floating while the long term rates come down further and then you can lock in, perhaps in the spring.
 
Term
Best
Bank Posted
1 year
4.35%
6.35%
3 year
5.15%
6.75%
5 year
5.10%
7.20%
10 year
6.10%
7.80%
25 year
6.75%
n/a
 
 
 
 
 
 
 
 
 
 
 
                 Bank Prime Rate 4.00%
 
Some lenders have reduced their variable mortgage rates slightly. This is a direct response to the government stimulus that as been injected into the credit markets. The credit freeze appears to be starting to thaw!
 
Courtesy of
Laura Stein - The Mortgage Centre
Telephone: 604-657-6535 ext 222
www.mortgagecents.ca
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Posted on by
Posted in buying, First-time buyers, mortgage rates, Vancouver real estate market
Finally we are seeing the crack in the wall that has prevented the longer term rates to come down. The US Government is now investing directly in mortgage backed financing which will free up rates on mortgages. The problem has been that the actions taken thus far were not filtering down to the consumer. Similar actions taken by our government will see 5 and 10 year rates coming down. December 9th the Bank of Canada will meet and lower rates, expect a .25% or .50% drop. Keep floating. 
 
Term
Best
Bank Posted
1 year
4.35%
6.35%
3 year
5.15%
7.05%
5 year
5.55%
7.20%
10 year
6.45%
8.00%
25 year
6.75%
n/a
 
 
 
 
 
 
 
 
 
 
 
                 Bank Prime Rate 4.00%
 
Courtesy of
Laura Stein - The Mortgage Centre
Telephone: 604-657-6535 ext 222
www.mortgagecents.ca
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Posted on by
Posted in mortgage rates, real estate market, real estate market report, Vancouver real estate market
 
Bank Prime Rate 4.00% 
 
Term
Best
Bank Posted
1 year
4.49%
6.35%
3 year
5.25%
7.05%
5 year
5.69%
7.20%
10 year
6.10%
8.00%
25 year
6.75%
n/a
 
 
 
 
 
 
 
 
No real changes in interest rates this week. The Bank of Canada will meet again on December 9th and the expectation is for a decrease in the rate. Inflation concerns are cooling all over the world and central banks are committed to lowering rates to keep things moving.
 
The Canadian Real Estate values are projected to drop by about 5% in the next year creating more opportunities for buyers and investors. Speculation is that this will create a healthy market as prices come back into the realm of affordable. If you are in a variable mortgage…..keep floating!  
 
Courtesy of
Laura Stein - The Mortgage Centre
Telephone: 604-657-6535 ext 222
www.mortgagecents.ca

 
 
 
 
 
 
 
 
 
 
 
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Posted on by
Posted in 2008 vancouver, buying, condos, First-time buyers, housing forecast, market, real estate market, reports, sales, statistics, Vancouver real estate market

Residential Housing Price Decline

Creates Buying Opportunities

 
Housing price reductions across Greater Vancouver over the last six months have eliminated price gains witnessed in the first quarter of 2008.

 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 8.8 per cent between May and October 2008, resulting in a 3.9 per cent year-to-date price reduction for detached, attached and apartment properties in Greater Vancouver between Octobers 2007 and 2008. In May 2008, the overall residential benchmark price was $568,411, compared to $518,668 in October 2008.

 

“Home sales are not keeping pace with the positive economic conditions in BC,” said REBGV president, Dave Watt. “That’s a direct result of a loss of consumer confidence in the overall market. Accordingly, today’s housing market is characterized by moderating home prices and wide selection. It’s definitely a buyer’s market.”

 

Residential property sales in Greater Vancouver declined 55 per cent in October 2008 to 1,364 from the 3,028 sales recorded in October 2007.

 

Active listings totalled 19,257 in October 2008, a three per cent decline from the 19,852 active listings reported in September 2008. New listings for detached, attached and apartment properties increased one per cent to 4,867 in October 2008 compared to October 2007, when 4,819 new units were listed.

 

Sales of detached properties in October 2008 declined 56.5 per cent to 493 from the 1,133 sales recorded during the same period in 2007. The benchmark price for detached properties declined 4.7 per cent from October 2007 to $695,962. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 9.8 per cent.

 

Sales of apartment properties in October 2008 declined 52.7 per cent to 647, compared to 1,368 sales in October 2007. The benchmark price of an apartment property declined 3.5 per cent from October 2007 to $358,359. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined eight per cent.

 

Attached property sales in October 2008 are down 57.5 per cent to 224, compared with the 527 sales in October 2007. The benchmark price of an attached unit declined 1.4 per cent in Greater Vancouver between October 2007 and 2008 to $448,152. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 6.4 per cent.
 
Click here to see Listing and Sales Activity Summary for October 2008.
 
Click here to see Greater Vancouver Average Price Graph for October 2008.
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Posted on by
Posted in buying, First-time buyers, Housing, mortgage rates, real estate market, Vancouver real estate market
October 28, 2008
 

Interest rates have stayed much the same this week while the stock market and the Canadian dollar have lossed ground significantly. Central Banks are still cutting rates with the US Federal Reserve expected to decrease their rate by .25% to .50%. There should be a few more decreases in the Bank of Canada rate coming in the next year.

     The bond market is also pricing in a decrease in the longer term rates. Rates are low, Real Estate values are down from their highs. Investors are going to be seeing opportunity!
 

 

Bank Prime Rate 4.00% 

 

Term

Best

Bank Posted

1 year

4.49%

6.25%

3 year

5.25%

6.75%

5 year

5.69%

7.20%

10 year

6.10%

7.80%

25 year

6.75%

n/a
 
 
 
 
 
 
 
 
 
Interesting mortgage fact of the week:             
Lenders who all but closed their doors when the first hints of credit crisis trouble started to show have now reversed their direction and are re-introducing their products. Specifically, most banks stopped or restricted lending on Lines of Credit applications and some variable mortgages. We are seeing the results of steps taken by the Bank of Canada to ease the lack credit available between lenders. Good signs.
 
Courtesy of
Laura Stein, Mortgage Specialist
Telephone: 604-657-6535 ext 222 fax: 604-530-1934
Tell her Lyn sent you!

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Posted on by
Posted in 2008 vancouver, buying, condos, First-time buyers, housing forecast, listings, market, outlook, real estate, real estate market, statistics, Vancouver real estate market

Home Prices Adapt to Affordability Demands

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver declined 42.9 per cent in September 2008 to1,585 from the 2,776 sales recorded in September 2007.

 
New listings for detached, attached and apartment properties increased 28.8 per cent to 6,142 in September 2008 compared to September 2007, when 4,770 new units were listed.
  
“After five years of unprecedented increases, housing prices are beginning to realign,” REBGV president, Dave Watt said. “Although the economic situation in the United States has affected consumer confidence globally, the consensus view remains that our local housing market is underpinned by solid economic fundamentals.”
 
Sales of detached properties in September 2008 declined 50.3 per cent to 546 from the 1,099 units sold during the same period in 2007. The benchmark price, as calculated by the MLSLink Housing Price Index®, for detached properties declined 1.6 per cent from September 2007 to $726,331. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 5.8 per cent.
  
Sales of apartment properties declined 35.1 per cent last month to 764, compared to 1,177 sales in September 2007. The benchmark price of an apartment property declined 0.7 per cent from September 2007 to $369,062. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 5.2 per cent.
  
Attached property sales in September 2008 decreased 41.9 per cent to 450, compared with the 775 sales in June 2007. The benchmark price of an attached unit increased 7.6 per cent between June 2007 and 2008 to $476,585. Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 3 per cent.
  
Click here to see Listing & Sales Activity Summary for September 2008
 
Click here to see Greater Vancouver Average Price Graph September 2008
  
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